The Federal Tax Credits Blog

Posts Tagged ‘credit’

Question: Did Congress really give away our tax dollars for golf carts?

http://online.wsj.com/article/SB10001424052748704107204574473724099542430.html

The federal credit provides from $4,200 to $5,500 for the purchase of an electric vehicle, and when it is combined with similar incentive plans in many states the tax credits can pay for nearly the entire cost of a golf cart.

Answer: A golf cart dealer in Texas hs a real deal for those in his community.
You buy the golf cart. You get the the federal credit. You lease the golf cart back to his dealership. He leases the cart out for more of his own personal profit. After two years he lets you sell it back and you walk away with a two thousand dollar profit at the tax payers expense.
He advertised the “deal” on the radio so everyone who wants to participate can get in on it.
That serves as a great device to stick a spike in the eye of Congress. Everyone can see through the scam. The scam is being made public up front.
I love it! It is simple enough even a Liberal Socialist can understand it.

Nissan launches all-electric Leaf

What’s it like to drive the all-electric Nissan Leaf? It feels like a car.

LC3 Street Legal LSV 72volt Electric Car – Automotive Engineering meets Golf Cart

Question: IRS TAX FORM 1099-C After credit card debt settlement?

if i have settled a $1500 credit card debt directly with the bank for only $454.79, what is the purpose of having me fill out a IRS tax form 1099-c? and how will this negatively or positively affect my taxes and/or credit?

(i owed $1500, they said i could pay $454.79 and i will be forgiven the ramining balance of $1050.. so of course i payed the 454.79 to get out of debt lol..i didnt use a debt elimination company, i got the voucher directly from the bank.)

also, any tips or recommendations you can further give me on this issue? i plan to settle with a few other credit card companies in the same way.

Answer: Just remember settling debt rather than paying off in full will still reflect poorly on your credit report. Also the 1099-C is needed because you have to claim the remaining balance of the debt $1050 as income on your tax return.

Health reform provision will create avalanche of paperwork for businesses, critics say

HELENA – An obscure tax-collection provision of the federalhealth reform law is rankling Montana business owners, whoserepresentatives say it will create an avalanche of needlesspaperwork.

IRS TAX TIPS: Vehicle Tax Deduction (ASL, Captions & Audio)

Question: 2009 house credit for 8000, do I get a check from the IRS for the 8000 when I file my taxes?

I have a regular job so the IRS will already probably send me back like 2000, so do they just add the 8000 onto the 2000 they are going to send me?

Answer: NOT just added in, you amend your 2008 return or wait until filing 2009 return, along with 5405 and copy of HUD-1. IRS has to verify all these refundable credits, so it takes 12-18 weeks processing before you get refund check.

PUT ALL the money into your house. Put most or all of it as extra principal payment, which will GREATLY reduce amount of interest you pay over the life of the loan and boost your ownership interest in your new home. Put the rest into house in improvements or repairs.

Homebuyer tax credit: the scam of the century?

A tax incentive to buy homes helped realtors and mortgage bankers, not homebuyers trapped by the declining housing market.

Tax Credit for First Time Home Buyers – Down Payment Assistance – RealEstateMarketingThisWeek.com

Question: Is the $8,000 Home buyer tax credit going to be extended past 04-30-2010 ?

Answer: I would not think so, they only extended it because there were some Americans who did not have a chance to take advantage of the original credit as they were serving their country over seas. Now, everyone who wants to participate has had plenty of time.

Junk Debt ‘Bubblelicious,’ Prices Approach Par: Credit Markets

Junk bonds are closing in on par for the second time this year as fixed-income investors bet recent signs of economic weakness won’t be enough to derail corporate profits and the ability of the neediest borrowers to repay debt.

Recovery: New Homebuyer Credit-Military – January 2010

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